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|c 5.00 USD
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|z 9781451844818
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|a 1018-5941
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|a BD-DhAAL
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|a Kumhof, Michael.
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|a A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention /
|c Michael Kumhof, Stijn van Nieuwerburgh.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2002.
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a theory of currency risk premia based on a weak and plausible form of fiscal nonneutrality. Domestic and foreign bonds become imperfect substitutes, the uncovered interest parity condition is replaced with a portfolio balance equation, and the central bank can separately choose the growth rate of its nominal anchor and the domestic bond interest rate. Second, it can turn be shown that, and how, sterilized intervention affects equilibrium allocations and prices.
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|a Mode of access: Internet
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|a Nieuwerburgh, Stijn van.
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|a IMF Working Papers; Working Paper ;
|v No. 2002/029
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2002/029/001.2002.issue-029-en.xml
|z IMF e-Library
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